5 Perks of Homeownership
If you're currently renting, it may be time to consider buying your first home. There are many great benefits to homeownership that you as a renter may not have considered. So, this week, MHQ Mortgage Headquarters wants to share with you just a few of the many perks of homeownership that you could be taking advantage of.
1. You Can Decorate Freely
Homeownership offers tremendous freedom to create the living space you've always wanted. You can own pets, paint rooms whatever color you like, make changes to floors and carpeting and do all the things that make a house your home. And the best part is you can make all the changes you want without having to get approval from a landlord!
2. Buying is Cheaper in the Long Run
Sure, you could rent a home and not have to worry about the maintenance costs to upkeep the home, and you don't have to worry about real estate taxes and other homeownership expenses. But your money is simply being spent and there is essentially nothing to show for the money you're spending for rent. By purchasing a home, you know your payments are going toward something that you own and will be an asset that you'll have for years to come.
3. You Build a Strong Credit History
When you buy a home and consistently make your monthly loan payments on time, it demonstrates to other lenders that you are a good borrower and the risk of you defaulting on a loan is low. This strong credit history will be helpful in the future when you need other loans for buying a car, making improvements to your home, or paying other major expenses.
4. There’s Potential for Tax Deductions
Homeowners who itemize deductions may reduce their taxable income by deducting any interest paid on a home mortgage. The deduction is limited to interest paid on up to $750,000 of debt incurred to purchase or substantially rehabilitate a home. Homeowners who itemize deductions may also reduce their taxable income by deducting property taxes they pay on their homes.
5. There's Value in Homeownership
By that, we mean equity. Your equity in your home is the amount of money you can sell it for minus what you still owe on it. Every time you make a payment toward your mortgage, you reduce the amount you owe. That reduction increases your equity.
It's smart to think ahead about the potential benefits you can reap by becoming a homeowner. It's also smart to work with a mortgage company at the Lake of the Ozarks who is willing and able to help you understand the homebuying process and getting the right mortgage for your specific needs. Let the expert mortgage lenders at MHQ - Mortgage HeadQuarters find out how much you can afford and get you into a mortgage program that's right for you! Call us today at 573-302-9990.
Mortgage Headquarters of Missouri, Inc
4824 Osage Beach Parkway, Suite 1
Osage Beach, MO 65065
Office: (573) 302-9990
Toll Free: (888)799-1206
Fax: (636)648-9917
NMLS # 1229111
1. You Can Decorate Freely
Homeownership offers tremendous freedom to create the living space you've always wanted. You can own pets, paint rooms whatever color you like, make changes to floors and carpeting and do all the things that make a house your home. And the best part is you can make all the changes you want without having to get approval from a landlord!
2. Buying is Cheaper in the Long Run
Sure, you could rent a home and not have to worry about the maintenance costs to upkeep the home, and you don't have to worry about real estate taxes and other homeownership expenses. But your money is simply being spent and there is essentially nothing to show for the money you're spending for rent. By purchasing a home, you know your payments are going toward something that you own and will be an asset that you'll have for years to come.
3. You Build a Strong Credit History
When you buy a home and consistently make your monthly loan payments on time, it demonstrates to other lenders that you are a good borrower and the risk of you defaulting on a loan is low. This strong credit history will be helpful in the future when you need other loans for buying a car, making improvements to your home, or paying other major expenses.
4. There’s Potential for Tax Deductions
5. There's Value in Homeownership
By that, we mean equity. Your equity in your home is the amount of money you can sell it for minus what you still owe on it. Every time you make a payment toward your mortgage, you reduce the amount you owe. That reduction increases your equity.
It's smart to think ahead about the potential benefits you can reap by becoming a homeowner. It's also smart to work with a mortgage company at the Lake of the Ozarks who is willing and able to help you understand the homebuying process and getting the right mortgage for your specific needs. Let the expert mortgage lenders at MHQ - Mortgage HeadQuarters find out how much you can afford and get you into a mortgage program that's right for you! Call us today at 573-302-9990.
4824 Osage Beach Parkway, Suite 1
Osage Beach, MO 65065
Office: (573) 302-9990
Toll Free: (888)799-1206
Fax: (636)648-9917
NMLS # 1229111
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